The Tamil Nadu government on Friday signed an MoU with Hyderabad-based GVK Group to set up a Rs 1,500 crore multi-product Special Economic Zone in 3000 acres in Perambalur district.
The MoU to jointly develop the SEZ was signed by S Ramasundaram, Chairman of Tamil Nadu Industrial Development Corporation (TIDCO), a state government undertaking and GVK Power and Infrastructure Limited chairman G V Krishna Reddy in the presence of Chief Minister M Karunanidhi.
Electricity Minister N Veerasamy and Union Minister for IT and Communication A Raja were also present.
Krishna Reddy said in Chennai that the MoU was an 'excellent example' of a public-private partnership that was aimed at creating state-of-the-art infrastructure and facilities for industrial development.
"The decision to partner with Tamil Nadu was based on the ample opportunities that the state offered", he said.
An official press release here said the project would be completed in 2009 and would attract investments worth Rs 5,000 crore within 10 years. The project would generate employment for 50,000 persons, it said.